KENNESAW, Ga. (AP) -- Medical device maker CryoLife Inc. said Tuesday it will buy Cardiogenesis Corp. in a deal valued at about $22 million.
CryoLife focuses on implantable biological medical devices while Cardiogenesis develops surgical products used to treat heart conditions.
CryoLife, based in Kennesaw, Ga., will pay 45.7 cents per share for Cardiogenesis, which is traded as an over-the-counter stock. The price marks a 43 percent premium to Monday's closing price of 32 cents per share.
The deal is expected to be conducted as a tender offer followed by a merger and is expected to close by late May.
Cardiogenesis, based in Irvine, Calif., had sales of $11.3 million in 2010.
Shares of CryoLife rose 14 cents to $5.77 in morning trading, while Cardiogenesis shares rose 12.5 cents, or 39 percent, to 44.5 cents.
CryoLife focuses on implantable biological medical devices while Cardiogenesis develops surgical products used to treat heart conditions.
CryoLife, based in Kennesaw, Ga., will pay 45.7 cents per share for Cardiogenesis, which is traded as an over-the-counter stock. The price marks a 43 percent premium to Monday's closing price of 32 cents per share.
The deal is expected to be conducted as a tender offer followed by a merger and is expected to close by late May.
Cardiogenesis, based in Irvine, Calif., had sales of $11.3 million in 2010.
Shares of CryoLife rose 14 cents to $5.77 in morning trading, while Cardiogenesis shares rose 12.5 cents, or 39 percent, to 44.5 cents.